What’s Pushing the Market Up?
August 29, 2008
Toro submits:
The market was up hard on Thursday, but it was up on weak volume. The total NYSE Composite volume was 3.73 billion shares, within the bottom quartile of daily volume for the year.
In fact, much of the volume came after 3:55pm, or at least hit the tape with five minutes to closing, when 600 million shares came across the tape. Up until then, we were on track for the second lowest volume day of 2008. Nearly 40% of the volume came in the last 90 minutes of the trading day after markets had made most of the gains.
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